Advisor Talk with Frank LaRosa

As we put what was undoubtedly a tumultuous year behind us - one defined by a seemingly never-ending string of changes and surprises - it begs the question how does one predict what financial services trends can we expect to see in 2021? By putting their combined decades of industry experience to work, Elite Consulting Partners CEO Frank LaRosa and his COO Dale Dempsey do just that, not only sharing the 2021 predictions that matter but providing the context and methodology behind them.

Trends to watch as shared by Frank and Dale include:

*a more aggressive recruiting push by wirehouse firms and the strategy to expect.

*the upward trend in lucrative recruiting deals and what they mean for advisors.

*increased advisor interest in making a move and the reasons why.

*the industry impacts of multi-channel firms.

*how younger advisors play a key role in succession planning of the future.

*the where and when of how an advisor works and the implications on business operations and ultimate success.

A new year is a new start. Use the well-informed and thoughtful lessons for financial services professionals, supplied in this episode by Frank and Dale, to be your guidebook as you chart your course into 2021.

In this special episode, Frank LaRosa shares his HubTalk presentation from AdvisorHub's First National Virtual Summit "Industry in Transition". As Frank discusses during his candid assessment of where the financial services industry is now and where it is going, the impact of COVID-19 can most be seen in the W-2 space where advisors, who now are working from home, have gotten a taste of what it means to be independent - albeit without the financial upside.

For those W-2 advisors who may now be considering whether independence is right for them, Frank offers insight on how to evaluate whether it is time to transition. Strategies Frank outlines include:

*evaluating whether your firm partner is helping or hindering your practice's growth.

*the importance of using this time to gather client assets and uplevel your business.
 

*how embracing technology can boost your efficiency.

*social media as a key marketing differentiator for today's financial advisor.

*utilizing a transition consultant to help you filter the noise and make the next right move for you.

*the financial upside of going independent.

It's time for W-2 advisors to play to win and not settle for the status quo as defined by their firm partner. Listen to this episode, gather your thoughts, and take the decisive action that will drive your career forward.

In the past, whether a firm was or was not in protocol played a major role in an advisor's decision to move firms. Afterall, non-protocol firms were sending the none to veiled message that clients were theirs and not advisors. This left non-protocol firm advisors to question - 'if I make a move, how does it impact my future success'. The answer to that question is it doesn't, as discussed by Elite Consulting Partners CEO Frank LaRosa and Dale Dempsey in an episode which outlines just why protocol doesn't matter any more when it comes to your decision to make a move.

Discussion topics include:

*why advisor preparedness and strategic thinking are more important than protocol when making the choice to switch firms.

*how keeping your client list up-to-date is a vital safeguard if you do decide to transition.

*how the Merrill Lynch and the 'will they or won't they leave protocol' rumors aren't carrying the same weight as they have in the past with other large firms.

*how playing by the rules when moving to a new firm establishes the groundwork for success moving forward.

When it comes down to it, deciding to make a move to a new firm should be about you, your goals, your family, and your clients. If you have been diligent about your practice and done the hard work of developing client relationships then protocol is a non-factor. After all, the firm you are leaving can't erase your brain and the knowledge you have attained. Which means, it's time to evaluate and take the next right step for you as an advisor - whatever that may be.

There has been one predominant effect of COVID on the financial services industry which is poised to have ripple effects in the months and years to come and that is the impact of work from home policies at larger firms. Large firms are essentially training their W-2 advisors on how to go independent without realizing the financial upside that independence offers. In this episode, Elite Consulting Partners CEO Frank LaRosa and his COO Dale Dempsey dive deep into the issue.
 

Insights which the duo offer include:

*how working from home measures have changed advisor efficiency even in the midst of unchanging firm operational protocols.

*the long range effects on client retention and acquisition in the virtual world.

*compensation implications and limitations for W-2 advisors in work from home scenarios.

*brand building and social media constraints W-2 advisors face and their potential to limit success.
 

As the months go by and COVID and work from home policies continue to be the reality of the day for W-2 advisors, it can only be anticipated that more and more among their ranks will begin to question whether the move to independence may be right for them after all. It will be interesting to witness what that will mean for the further evolution of the financial services industry and how those shifts will play out in the year to come.

Year-end is always a time of financial maneuvering in the financial services industry, particularly at larger firms. As Frank LaRosa, Elite Consulting Partners CEO, shares in this episode during his conversation with his COO Dale Dempsey, it seems firms just can't help themselves from making changes this time of year. In particular, this year's financial shenanigans by firms may prove particularly interesting given the COVID-19 crisis smoke screen that firms have to fall back on as an excuse. Join Frank and Dale, as they put their collective expertise to work and future-cast what they believe advisors can expect in the month ahead at their own firms and ultimately, how those changes will impact advisor futures.

Specific topics covered include:

*how the Wells Fargo 401K announcement fiasco exposes the underbelly of how somes large firms approach cost-saving measures.

*what advisors need to be aware of when it comes to the behind-the-scenes activities of their firm's cost-cutting efforts.

*the impact comp plan changes have on future advisor moves and how deferred compensation can impact a firm's comp grid decision-making process.

In the end it is up to every advisor to not leave their future in the hands of their firm, but to do their own due diligence and analyze 2020 for themselves. Did your practice meet the goals you set for yourself this year? Was your firm supportive in your efforts? These are questions only you can answer to determine if your firm partner is right for you and then choose your path forward - and the topics discussed in this episode are here to help you.

Succession planning is of paramount importance to every advisor as it is a direct, financial reflection of the valuation for an advisor's book of business and lifetime of hard work and achievement. Yet the fact is, the cookie cutter approach for succession planning which most firms offer - and which most advisors are familiar with - simply isn't the best way. In this episode, Elite Consulting Partners CEO Frank LaRosa is joined at the whiteboard by COO Dale Dempsey to discuss the innovative strategy Frank has trademarked called dual-monetization. Dual-monetization is a potentially lucrative strategy as it allows an advisor to capitalize on both transition and succession bonuses. Join Frank and Dale as they crunch real numbers and show how the dual-monetization approach can realize a massive increase to your succession payout upon retirement.

Key discussion points include:

1) Why strategic succession planning is important to every advisor and their future.

2) What dual-monetization is, how it differs from traditional succession planning, and the particular benefits the strategy offers.

3) The financial upside of dual-monetization illustrated through real-numbers and translated to both the W-2 and 1099 models.

As an advisor you spend your days strategizing the financial success of your clients. Isn't it time to invest in strategizing for your own financial success as well? Listen in to this episode and find out if dual-monetization might be the key you have been looking for to achieve the financial goals and future aspirations you have set for your business and career.

The financial services industry is undergoing an awakening, the catalysts for which are many while the impacts are undeniable. In a wide-ranging discussion, Elite Consulting Partners CEO Frank LaRosa is joined by Michael Bryan, CEO of Triad Hybrid Solutions, to provide their unique leadership perspectives on how the past and present are impacting the trajectory for the financial services industry of the future.

Key insights provided during the conversation include:

*strategies advisors and firms can utilize now to gain momentum and market share.

*understanding financial services as a relationship business and the importance of the firm-advisor partnership.

*the operational efficiencies gained when practitioners engage with technology solutions.

*a behind-the-scenes look at the Advisor Group acquisition of Triad.

*the regulatory and technology shifts that have impacted - and will continue to impact - the RIA space.

The financial services industry is transforming and keeping an eye to the future is paramount for advisors and firms alike. Take advantage of this opportunity to listen and learn so you take decisive action forward and don't get left behind.

The COVID-19 pandemic has transformed financial services and understanding where the industry was, where it is now, and where it is going will be vital to creating a new playbook for success. In an insightful and dynamic discussion, Elite Consulting Partners CEO Frank LaRosa is joined by Adam Antoniades, CEO of Cetera Financial Group, to address head-on how leadership and strategic direction can foster growth and achievement in the wake of the most recent crisis.
 

Learn directly from these industry leaders how:

1) positioning the independent advisor as a small business owner and providing the necessary support systems for achievement fosters business and financial growth.

2) utilizing technology as a communication, business efficiency, and lead generation tool can be transformative to firm processes.

3) Genstar and Cetera aligned their firm vision by establishing a growth playbook focused on strategic evolution.

4) developing advisor models focused on both advisor needs and an overall growth agenda will lead the industry to future success.

The time for learning and challenging ourselves within the industry has never been more vital in order to move the needle forward. In the spirit of education and keeping the conversation going, listeners of this episode have a special opportunity to do just that. Visit https://eliteconsultingpartners.com/cetera/  to request your free copy of the Cetera Financial Group Whitepaper "The Best Way To Ask For Referrals" and let's all keep growing together.

As firms, advisors, and clients come to grips with the new financial services landscape of the post COVID-19 world, it is important to recognize that with skillful planning, business management practices, and an eye to the future there is the potential for great opportunity and upside in the industry. In a broad ranging discussion that focuses on just such optimism, Elite Consulting Partners CEO Frank LaRosa is joined by Manish Dave, Senior Vice President, Business Development, Ameriprise Financial, capitalizing on both of their experiences as financial services thought leaders in order to chart a path forward.

Key take-aways from the conversation include:

*the importance of both technology and its integration in successfully evolving a financial services firm.

*why the availability of multiple business models is key to advisor success.

*how thoughtfully executed recruiting and transition strategies benefit the firm, the advisor, and the client.

*the vital component succession planning plays in an advisor's long-term strategy.

By putting these insights into practice, advisors and firms alike will come away with a better understanding of where the financial services industry has been, what opportunities for success can be discovered, and how a long-term vision based on forward-thinking action can be achieved.

The realization that true independence is not for every advisor has gained a strong foothold in the financial services industry. Top firms are innovating and evolving to offer models which address this, while holding the delicate line between advisor support and advisor autonomy. One such firm is Steward Partners which, as an alternative to the firm's W-2 model, offers an affiliate/1099 model that has gained recognition for uniquely combining the best of the indy and the best of the retail space. Listen in as Elite Consulting Partners CEO Frank LaRosa is joined by Steward Partners CEO James Gold and Head of Wealth Management Douglas Kentfield for a discussion that puts advisor support and opportunity at the forefront.

Among the insights these industry leaders cover are:

• the history of Steward Partners, straight from the front lines.
• what differentiates the Steward Partners affiliate/1099 model.
• why providing robust advisor support is paramount to success.
• a glimpse into the future of Steward Partners strategic direction.

There are multiple paths for advisors considering the journey from the branch system to independence. It comes down to analyzing your options and choosing which model is right for you in order to take the next decisive action on your path forward.